July 26, 1949 (8 pages)

multiplied eight times. In that period we have’ had a vast increase in taxes and in this period there has been a great increase in the price of Jumber and other things. It may well be that that 59 per cent increase that -took place in 1933 was simply a partial compensation for an increase that should long since have taken place. I am very frank to concede that I have a personal interest in this issue even though I own no, gold shares. My bank has a (continued from page 1) self. For instance, one day wheat is selling for $2 a bushel and 305 Broad Street, Nevada City—Telephone 36 A legal newspaper, as defined by statute another day it is $1.50 or $1.75 or $2.25; it changes; it fluctuates. ROBERT H. and DONALD W. WRAY, Publishers Now, which has fluctuated? Is it Manager ing Advertis and Editor KENNETH W. WRAY, the price of wheat or is it the value of gold? Has the value of Member California Newspaper Publishers Association and ia, Californ City, wheat in terms of gold fluctuatNevada at Friday and y Published every Tuesda ce at Nevada City ed, or has the price of gold flucentered as matter of the second class in the postoffi great interest in the welfare of its uated.? : under Act of Congress, March 8, 1879. Those prices have always flucclients. I would like to lay it SUBSCRIPTION RATES s 2 cuescaee pedewovenasy$3.00 tuated, and it may be expected clearly on the table. I make no One year outside county (in advance) <.:.--.-Mics -enseonensccmanoenae 4 secncensse --osnssnno ---.--2--to continue that way, and it does apologies for working for a livOne year in county (in AAVANGE). not matter a great deal how it is ing. ’ Four months (in advance) I run against objections that One month (in advance) expressed, it is still a fact. You can express it as changes in the. come from men who are students, value of wheat, or you can say from men who are practical men. it is a change in the value of These men are eminent citizens gold; but the fact of fluctuation who definitely are; not radicals in WE MUST COME THROUGH any way and whose thinking is . remains. And the fact also remains that fairly sound. us? What is wrong with men think any return ngly . if you have a free market in to These a gold coinage system at the What is it that most other communities seemi . gold, then you will have an op/ portunity to convert your paper present time would place an unpossess that is foreign to Nevada City? . currency into a real, tangible due strain upon the gold supply , and Here we are a community of one hundred years ‘value. And that is the important of this country. They feel that we are trustees, in a sense, for what have we to show for it in the way of physical and thing. There is no question that the the monetary gold stock of the civic growth? Other centers with less than half our age price of gold will fluctuate from world, and that to make those have sprouted into progressive cities of five, ten and time to time and that fluctuation stocks at the present time availmore thousands of inhabitants. Yet do we have as much might cause some people to lose able to every person who has in their government. paper currency might result in population now as we have had in most of that one confidence However, such a fluctuation may the dissipation of those stocks hundred years? well be the response of a free and be a very serious thing. You asked. me do I agree with Has our location hurt faster growth? No, folks, let’s market to other causes that are that. I am not quite sure, I do, ve, rvati political and economic in charconse in rema we use beca it find the real reasons. Is but I do not know what the acter. A thermometer does not era? rn ultra-conservative, small, resistant to the mode cause te fever. It merely measanswer to that is, sir, because it is a thing you cannot find out ures its intensity. We don’t really have much community spirit, do we? ‘ will be a fever without testing it. Might we not have remained the leading city of NeAs to whether-it Sometimes in solving a probchart in any more serious sense vada county? A spirit of ‘community growth with ever than to show. the fluctuating lem it is possible to go to it dicontinual action to help that end and not the lackadaisical price of gold, if there is anything rectly and solve it immediately; serious than that, that is other times it is necessary to spirit found in most of us, has to abound. We like to more really a matter of government take a first step. hear of progress—we doubt if anyone really hates progpolicy and one that I will have to If you are assuming that we ss. r lifele have war with Russia, it is not rathe are we —but leave to you gentlemen. We have ress possible immediately to bomb other fluctuations also—not just city, sister our with years nate We put ona festival alter Moscow. Certain intermediate gold—such as the market values’ and Grass Valley. Otherwise we are content to boost of government bonds, ‘and those steps would have to be taken. When a new enterprise is startattend the festivals, fetes and celebrations of other cities. fluctuations do have certain reed, you have to acquire your rapercussions. celeb Why not have our own distinctive Nevada City land and material and erect your After all, being a banker, I tion ever year? We have drifted through the years into speak with a great deal of feelbuilding. You cannot go into proa pattern of behavior that tags us as a suburb of Grass ing about those government duction immediately. In some cases the obstacles inbecause I recall very disValley. Revealing indeed is the 1949 community statistibonds, tervening when you decide to do tinctly and vividly the change cal report that lists Nevada City as the hyphenated second which took place in the market something and. the actual perhalf of Grass Valley-Nevada City, with.a claimed popuvalue of the government bonds in formance are material obstacles; 1947 when the banks in other cases they are psycholation of 18,000. That’s very fine for Grass Valley but December on a paper basis lost over $400,logical. it doesn’t leave much individuality to Nevada City. Now here, if it were feasible 000,000 overnight. °~=; Now, that jarred public conto turn back to a gold coinage Nevada City, the gateway to more lakes than any MeO Srnaifirer cadences! other city in California, has one of its finest assets in oa ela system tomorrow, I would say, “Certainly, let’s go back and do Charles Sco ing Uyuni, Going down from Oruro_ and approach I noted the , road which is the junction of the Potosi rail the west of us, and signs of sulphur in the cordillera to . found from stopped overnight at Uyuni to investigate. t quantity and the natives that there was sulphur in grea of fairly high grade, close to the surface. Potosi, I was Staying oevr at Uyuni for a side trip to the usual into ushered by the keeper of the only hotel ch serves for a unventilated cell without windows whi door closed for bedroom. He cautioned me to keep the n to get some fear of robbers. I naturally left the door ope a native fumair. About midnight, . was awakened by a chair. My rebling through my clothes, which lay on it out and volver was under my pillow, and . pulled e himself fired a shot alongside his ear. He certainly madthe rest of scarce in a hurry, and I was left in peace for the bar for an the night. Next morning when . went to it when like a rabb eye-opener, the regular attendant ran he was my t‘ he saw me, so I had reason to suspect tha i. inquiring visitor. ing. A city The side trip to Potosi was most interest bered half a of some fifty thousand now, it once num ted was million. The first mint in colonial history’ loca the Spanish here where silver and gold was coined under hinery crown; and the wooden stamping mac is still on At the close of the sixteenth century, this was a city se. exhibition—the dies being of metal, of cour ds of mil of nearly half a million,’and produced hundre ssion to the lions of pesos in silver annual. On the acce a. was dethrone of Philip Second, a holiday and fiest Whatever is unjust is contrary to the divine will; and from this it follows that no true and abiding happiness can be gained by those who are unjust. —Stretch that instance to a far greater degree than would be the case of a fluctuation of a dollar or $1.50 or $2 in the price of an ounce of gold. The government does have a minimum price for gold, and as matters stand at the present time there is also a mandatory maximum price. I say “mandatory” in the sense that anyone who has gold must sell it to the treasury and is: not permitted by law to retain it or to do anything else The answer to that is this: To be sure, in 1933 a substantial rise in the price of gold took place, a rise of approximately 59 per cent. You should bear in mind not only the shorter period of 15 years that has intervened since that was first done, but also the longer period involved. We feel you should go back to the found ing of. this republic, at a time when the price of gold was set substantially at the figure that prevailed for the next 150 years. During that period there has . been a gradual decline in the stifling no be should We are coming to see that there production of other goods. Many of Labor by Capital, or of Capital by Labor; and also that reputable authorities believe the there should be-no stifling. of Labor by Labor, or of declining trend of gold relative the need for gold over a longer —John D. Rockefeller, Jr. to Capital by Capital. period was due to the failure of a fixed price to provide adequate incentive for higher level proI must stand with anybody that stands right, stand duction. with him while he is right, and part with him when he goes wrong. : *4, , the equivaclared for two weeks, and even in this town lent of two million dollars was set aside for the fiesta Hill in gold, expenses. The total production of Potosi present is silver, and tin since its discovery up to the dollars variously estimated at from two to five billion plateau in our money. The hill itself, which rises from the erent diff like a gigantic cone, has some five thousand producing mine workings around its flanks, and is still tin in great quantity, together with silver. n for the Coming back to Uyuni, . caught my trai fields Chilean coast and swung down through the nitrate ama Cal At on the barren western slope of the Andes. the I stayed over for a day or two, and went out to copper. mines at Chuquicamata, where an old friend of very enjoymine was now mill superintendent. I had a ching the able visit here, and was much interested in wat ch was loading of large standard gauge cars with ore whi of electric blasted down from the surface, by means hing used on the that’; but I find in discussing shovels which were larger than anyt that fact. Let’s develop that asset. Let’s exploit it. We that possibility that there are a Panama Canal. Although pioneered in this country, they have the potentiality of becoming the summer and weekgreat many honest, able people d at present in the iron fields of northern end home of the bay area and the torrid valley. Look who believe that that involves are far surpasse a jeopardy to the gold stock that Minnesota. what Lake Tahoe has done with only one lake. We have we hold in a ‘trustee relationship it. expio and lop deve to lakes hundreds of From Calama, I swung down the coast at Antofagasta to which we should not expose s thing do and e robes two weeks transacting my busiWe can still put on progressiv that gold stock, and I have reand stayed there about enspect for that feeling. with a big step. We have solid citizens here ready to pull ness, Then I took a coast steamer up to Callao and ng into I believe, therefore, in an incomi is ess back s. Progr me ereen the medieval yoke into smith joyed a very restful trip which brought termediate measure of this kind, y. unit comm any in long for ed months. stopp be can’t te—it despi by which for-a. year or two or Lima after an absence of two esses busin . Let pride and y spirit possibly five years we can test Let’s create a communit Here . found a very disconcerting situation. I had an open and flourish. Let industries come in. Let's forever with it. He is compélled to sell it! out the public response to gold. ‘nside line into the Peruvian congress which was fairly 'It will give us the information to. the treasury. the Peruvian march to bigger and better enterprises. _ When we have been on a gold: necessary to determine if we can reliable. From this source I learned that tax on all Nevada City can progress and still maintain its wonderstandard in the past and we have . go back on a $35 basis. export an government was planning to put Consider this, sir: Suppose you card ing draw a y and unit had gold at $20.67 an ounce. That } e comm resqu pictu ful asset as a the country which would have a market in gold in which petroleum shipped out of actually has never been anything . out e with rniz mode gross value to the tourist trade. It is possible to but a, minimum price, because . there is a fair volume of trading amount to from five to ten per cent of the, and ess progr try, indus of men With l. a sufficient volume to really esappea g losin our under gold standards as they of production. I secured a copy of the proposed bill— tablish a valid value basis, and grow. to fail ot have prevailed in the past, the . cann community growth in mind, we introduced till the following year— individual with gold has always) Over a period of time you have which was not to be inbeen free to take it and use it: these fluctuations moving up and and sent it up to New York with a letter requesting for any purpose, to sell it or to. down, above and below a value structions. This tax made all my work in securing conThe great and the little have need one of another. chuck it in the Atlantic ocean,! axis of $50. It might go up to —Thomas Fuller if he felt like it, things which 1 $55 or down to $45. Under those cessions useless, as it would make production prohibiwe cannot do now without violatcircumstances, would it not, be a tively. expensive. mistake to return to a gold coining the law. In about two weeks the answer was cabled back, “Use lage basis at $35? Would it not There is a great question of Ours, always but mine, no No yours, is verified.”’ equity to the gold miner involved . predispose that assault upon our your own judgment, but come home if this Merged in one Power our lesser powers, here, which I will leave to the gold stocks, which a great many "In the meantime, I had met some of my old friends in For no one’s favor, great or small, representatives of the industry to worthy citizens fear? and amusing afternoon I co not know what the value Lima, and had an interesting discuss when they get on the All. for each But all for Each and of that gold is today. The last which might be worth recording. It seemed that there —Edmund Vance Cook stand. Senator Cain asks: A practical time we fixed’ it was in 1934, was a fiesta ahead, and certain of the younger blood of question now which will be of and a great deal of economic Lima had decided to put on a show of a bullfight. They interest to a lot of people: Did not water has gone over the dam. It is evaluated by fiat. Somehad rented a small ring outside of Callao—the main Individuals, as nations, unite harmoniously on the basis the gold miners get a big enough times you can maintain those in lost raise in the price of gold in 1934 of justice, and this is accomplished when self is ‘“‘Corrida deToros’ at Lima was too large for their purvalues and sometimes you canwhen the’ price of gold was n. salvatio of plan Love—or God's own pose—and were staging what might be called a society from $20.67 to $35 an not. —Mary Baker Eddy changed Consider the case of Great bullfight. ounce? Men will find that they can prepare with mutual aid * far more easily what they need, and avoid far more easily the perils which beset them onall sides, by united forces. —Spinoza A ARR “+ SNe fidence, and I think it did so in ’s Praw Gop Diecer tt Haley "= LAWRENCE CONTINUES SENATE TESTIMONY GOLD TRADING ACT Britain. When she went back on the gold standard, there had _ One of the crowd with which I had become acquainted a premium of more than 10 per One evening after . had returned, I was dining with him out at the Exposition, and he told me of this proposed y been a decline in the price of was a young chap by the name of Juan Valenzuelos. He gold in terms of sterling up to had been educated in the United States, and was at that the time that sterling was actuwholesale house ally returned to pre-1914 basis, time acting as agent for an American But in the very month before which handled hardware, chemicals and paints. He had that occurred gold was selling at his own depot, and distributed to local stores in Lima. cent in terms of sterling, indicating that the open market valued gold valued than it the legal equivalent more highly in terms of paper money. : When England went back on the gold standard it immediately had an effect on her export amateur show which was being staged. He had been invited to take part in it, but was not inclined to, as he. thought it would be rather a poor show. He evidently had something on his mind that he W prices.It started that depression wanted to talk to me about, but it was not till we were period, for eight of her large industries, which. finally ‘predis posed her to collapse in 1931. I say that here is an experiment which we can try which nearly home that he opened up his heart. It seems that he had not very much respect for the group who were staging the show, and he had an idea of arranging things so as to surprise them. is not going to cost the governThe result of our conference was that we met at his You may recall Warren’s thesis men any money. We are going to . ' the gold that is produced store before going to the arena, and about half past two, —Abraham Lincoln that the depression, the great deexpose pression of 1929 and 1932, was today and that comes into an Juan and I, together with a couple of other young Pedue to the failure of our gold open market and let people as — bid for that and deruvians who were in on the game, secured a special box Today's greatest danger may be a blessing in disguise stocks to multiply as fast as the individuals termine over a period of time demands for gold multiplied, and the one which was right over the entry way by which if we meet it with intelligence and conviction. I think you can make a case what -they think that gold is the bulls were driven into the arena. They had to pass —Roy L. Smith worth. That is not going to hurt The men who succeed best in public life are those who take the risk of standing by their own convictions. —James A. Garfield tending to prove that there has been a lag in the price of gold anybody. Let us get that information bein that 150 years which has had a very detrimental effect on gold fore we decide whether we should go back on a $35 basis or production. For example,. sir, wages have $40 or $50. right underneath us, and’ through a crack in the floor which was about two inches wide, we could see them teadily, as they were only a couple of feet below us. (to be continued) } . .

multiplied eight times. In that period we have’ had a vast increase in taxes and in this period there has been a great increase in the price of Jumber and other things. It may well be that that 59 per cent increase that -took place in 1933 was simply a partial compensation for an increase that should long since have taken place. I am very frank to concede that I have a personal interest in this issue even though I own no, gold shares. My bank has a (continued from page 1) self. For instance, one day wheat is selling for $2 a bushel and 305 Broad Street, Nevada City—Telephone 36 A legal newspaper, as defined by statute another day it is $1.50 or $1.75 or $2.25; it changes; it fluctuates. ROBERT H. and DONALD W. WRAY, Publishers Now, which has fluctuated? Is it Manager ing Advertis and Editor KENNETH W. WRAY, the price of wheat or is it the value of gold? Has the value of Member California Newspaper Publishers Association and ia, Californ City, wheat in terms of gold fluctuatNevada at Friday and y Published every Tuesda ce at Nevada City ed, or has the price of gold flucentered as matter of the second class in the postoffi great interest in the welfare of its uated.? : under Act of Congress, March 8, 1879. Those prices have always flucclients. I would like to lay it SUBSCRIPTION RATES s 2 cuescaee pedewovenasy$3.00 tuated, and it may be expected clearly on the table. I make no One year outside county (in advance) <..:.--.-Mics -enseonensccmanoenae 4 secncensse --osnssnno ---.--2--to continue that way, and it does apologies for working for a livOne year in county (in AAVANGE). not matter a great deal how it is ing. ’ Four months (in advance) I run against objections that One month (in advance) expressed, it is still a fact. You can express it as changes in the. come from men who are students, value of wheat, or you can say from men who are practical men. it is a change in the value of These men are eminent citizens gold; but the fact of fluctuation who definitely are; not radicals in WE MUST COME THROUGH any way and whose thinking is . remains. And the fact also remains that fairly sound. us? What is wrong with men think any return ngly . if you have a free market in to These a gold coinage system at the What is it that most other communities seemi . gold, then you will have an op/ portunity to convert your paper present time would place an unpossess that is foreign to Nevada City? . currency into a real, tangible due strain upon the gold supply , and Here we are a community of one hundred years ‘value. And that is the important of this country. They feel that we are trustees, in a sense, for what have we to show for it in the way of physical and thing. There is no question that the the monetary gold stock of the civic growth? Other centers with less than half our age price of gold will fluctuate from world, and that to make those have sprouted into progressive cities of five, ten and time to time and that fluctuation stocks at the present time availmore thousands of inhabitants. Yet do we have as much might cause some people to lose able to every person who has in their government. paper currency might result in population now as we have had in most of that one confidence However, such a fluctuation may the dissipation of those stocks hundred years? well be the response of a free and be a very serious thing. You asked. me do I agree with Has our location hurt faster growth? No, folks, let’s market to other causes that are that. I am not quite sure, I do, ve, rvati political and economic in charconse in rema we use beca it find the real reasons. Is but I do not know what the acter. A thermometer does not era? rn ultra-conservative, small, resistant to the mode cause te fever. It merely measanswer to that is, sir, because it is a thing you cannot find out ures its intensity. We don’t really have much community spirit, do we? ‘ will be a fever without testing it. Might we not have remained the leading city of NeAs to whether-it Sometimes in solving a probchart in any more serious sense vada county? A spirit of ‘community growth with ever than to show. the fluctuating lem it is possible to go to it dicontinual action to help that end and not the lackadaisical price of gold, if there is anything rectly and solve it immediately; serious than that, that is other times it is necessary to spirit found in most of us, has to abound. We like to more really a matter of government take a first step. hear of progress—we doubt if anyone really hates progpolicy and one that I will have to If you are assuming that we ss. r lifele have war with Russia, it is not rathe are we —but leave to you gentlemen. We have ress possible immediately to bomb other fluctuations also—not just city, sister our with years nate We put ona festival alter Moscow. Certain intermediate gold—such as the market values’ and Grass Valley. Otherwise we are content to boost of government bonds, ‘and those steps would have to be taken. When a new enterprise is startattend the festivals, fetes and celebrations of other cities. fluctuations do have certain reed, you have to acquire your rapercussions. celeb Why not have our own distinctive Nevada City land and material and erect your After all, being a banker, I tion ever year? We have drifted through the years into speak with a great deal of feelbuilding. You cannot go into proa pattern of behavior that tags us as a suburb of Grass ing about those government duction immediately. In some cases the obstacles inbecause I recall very disValley. Revealing indeed is the 1949 community statistibonds, tervening when you decide to do tinctly and vividly the change cal report that lists Nevada City as the hyphenated second which took place in the market something and. the actual perhalf of Grass Valley-Nevada City, with.a claimed popuvalue of the government bonds in formance are material obstacles; 1947 when the banks in other cases they are psycholation of 18,000. That’s very fine for Grass Valley but December on a paper basis lost over $400,logical. it doesn’t leave much individuality to Nevada City. Now here, if it were feasible 000,000 overnight. °~=; Now, that jarred public conto turn back to a gold coinage Nevada City, the gateway to more lakes than any MeO Srnaifirer cadences! other city in California, has one of its finest assets in oa ela system tomorrow, I would say, “Certainly, let’s go back and do Charles Sco ing Uyuni, Going down from Oruro_ and approach I noted the , road which is the junction of the Potosi rail the west of us, and signs of sulphur in the cordillera to . found from stopped overnight at Uyuni to investigate. t quantity and the natives that there was sulphur in grea of fairly high grade, close to the surface. Potosi, I was Staying oevr at Uyuni for a side trip to the usual into ushered by the keeper of the only hotel ch serves for a unventilated cell without windows whi door closed for bedroom. He cautioned me to keep the n to get some fear of robbers. I naturally left the door ope a native fumair. About midnight, . was awakened by a chair. My rebling through my clothes, which lay on it out and volver was under my pillow, and . pulled e himself fired a shot alongside his ear. He certainly madthe rest of scarce in a hurry, and I was left in peace for the bar for an the night. Next morning when . went to it when like a rabb eye-opener, the regular attendant ran he was my t‘ he saw me, so I had reason to suspect tha i. inquiring visitor. ing. A city The side trip to Potosi was most interest bered half a of some fifty thousand now, it once num ted was million. The first mint in colonial history’ loca the Spanish here where silver and gold was coined under hinery crown; and the wooden stamping mac is still on At the close of the sixteenth century, this was a city se. exhibition—the dies being of metal, of cour ds of mil of nearly half a million,’and produced hundre ssion to the lions of pesos in silver annual. On the acce a. was dethrone of Philip Second, a holiday and fiest Whatever is unjust is contrary to the divine will; and from this it follows that no true and abiding happiness can be gained by those who are unjust. —Stretch that instance to a far greater degree than would be the case of a fluctuation of a dollar or $1.50 or $2 in the price of an ounce of gold. The government does have a minimum price for gold, and as matters stand at the present time there is also a mandatory maximum price. I say “mandatory” in the sense that anyone who has gold must sell it to the treasury and is: not permitted by law to retain it or to do anything else The answer to that is this: To be sure, in 1933 a substantial rise in the price of gold took place, a rise of approximately 59 per cent. You should bear in mind not only the shorter period of 15 years that has intervened since that was first done, but also the longer period involved. We feel you should go back to the found ing of. this republic, at a time when the price of gold was set substantially at the figure that prevailed for the next 150 years. During that period there has . been a gradual decline in the stifling no be should We are coming to see that there production of other goods. Many of Labor by Capital, or of Capital by Labor; and also that reputable authorities believe the there should be-no stifling. of Labor by Labor, or of declining trend of gold relative the need for gold over a longer —John D. Rockefeller, Jr. to Capital by Capital. period was due to the failure of a fixed price to provide adequate incentive for higher level proI must stand with anybody that stands right, stand duction. with him while he is right, and part with him when he goes wrong. : *4, , the equivaclared for two weeks, and even in this town lent of two million dollars was set aside for the fiesta Hill in gold, expenses. The total production of Potosi present is silver, and tin since its discovery up to the dollars variously estimated at from two to five billion plateau in our money. The hill itself, which rises from the erent diff like a gigantic cone, has some five thousand producing

mine workings around its flanks, and is still tin in great quantity, together with silver. n for the Coming back to Uyuni, . caught my trai fields Chilean coast and swung down through the nitrate ama Cal At on the barren western slope of the Andes. the I stayed over for a day or two, and went out to copper. mines at Chuquicamata, where an old friend of very enjoymine was now mill superintendent. I had a ching the able visit here, and was much interested in wat ch was loading of large standard gauge cars with ore whi of electric blasted down from the surface, by means hing used on the that’; but I find in discussing shovels which were larger than anyt that fact. Let’s develop that asset. Let’s exploit it. We that possibility that there are a Panama Canal. Although pioneered in this country, they have the potentiality of becoming the summer and weekgreat many honest, able people d at present in the iron fields of northern end home of the bay area and the torrid valley. Look who believe that that involves are far surpasse a jeopardy to the gold stock that Minnesota. what Lake Tahoe has done with only one lake. We have we hold in a ‘trustee relationship it. expio and lop deve to lakes hundreds of From Calama, I swung down the coast at Antofagasta to which we should not expose s thing do and e robes two weeks transacting my busiWe can still put on progressiv that gold stock, and I have reand stayed there about enspect for that feeling. with a big step. We have solid citizens here ready to pull ness, Then I took a coast steamer up to Callao and ng into I believe, therefore, in an incomi is ess back s. Progr me ereen the medieval yoke into smith joyed a very restful trip which brought termediate measure of this kind, y. unit comm any in long for ed months. stopp be can’t te—it despi by which for-a. year or two or Lima after an absence of two esses busin . Let pride and y spirit possibly five years we can test Let’s create a communit Here . found a very disconcerting situation. I had an open and flourish. Let industries come in. Let's forever with it. He is compélled to sell it! out the public response to gold. ‘nside line into the Peruvian congress which was fairly 'It will give us the information to. the treasury. the Peruvian march to bigger and better enterprises. _ When we have been on a gold: necessary to determine if we can reliable. From this source I learned that tax on all Nevada City can progress and still maintain its wonderstandard in the past and we have . go back on a $35 basis. export an government was planning to put Consider this, sir: Suppose you card ing draw a y and unit had gold at $20.67 an ounce. That } e comm resqu pictu ful asset as a the country which would have a market in gold in which petroleum shipped out of actually has never been anything . out e with rniz mode gross value to the tourist trade. It is possible to but a, minimum price, because . there is a fair volume of trading amount to from five to ten per cent of the, and ess progr try, indus of men With l. a sufficient volume to really esappea g losin our under gold standards as they of production. I secured a copy of the proposed bill— tablish a valid value basis, and grow. to fail ot have prevailed in the past, the . cann community growth in mind, we introduced till the following year— individual with gold has always) Over a period of time you have which was not to be inbeen free to take it and use it: these fluctuations moving up and and sent it up to New York with a letter requesting for any purpose, to sell it or to. down, above and below a value structions. This tax made all my work in securing conThe great and the little have need one of another. chuck it in the Atlantic ocean,! axis of $50. It might go up to —Thomas Fuller if he felt like it, things which 1 $55 or down to $45. Under those cessions useless, as it would make production prohibiwe cannot do now without violatcircumstances, would it not, be a tively. expensive. mistake to return to a gold coining the law. In about two weeks the answer was cabled back, “Use lage basis at $35? Would it not There is a great question of Ours, always but mine, no No yours, is verified.”’ equity to the gold miner involved . predispose that assault upon our your own judgment, but come home if this Merged in one Power our lesser powers, here, which I will leave to the gold stocks, which a great many "In the meantime, I had met some of my old friends in For no one’s favor, great or small, representatives of the industry to worthy citizens fear? and amusing afternoon I co not know what the value Lima, and had an interesting discuss when they get on the All. for each But all for Each and of that gold is today. The last which might be worth recording. It seemed that there —Edmund Vance Cook stand. Senator Cain asks: A practical time we fixed’ it was in 1934, was a fiesta ahead, and certain of the younger blood of question now which will be of and a great deal of economic Lima had decided to put on a show of a bullfight. They interest to a lot of people: Did not water has gone over the dam. It is evaluated by fiat. Somehad rented a small ring outside of Callao—the main Individuals, as nations, unite harmoniously on the basis the gold miners get a big enough times you can maintain those in lost raise in the price of gold in 1934 of justice, and this is accomplished when self is ‘“‘Corrida deToros’ at Lima was too large for their purvalues and sometimes you canwhen the’ price of gold was n. salvatio of plan Love—or God's own pose—and were staging what might be called a society from $20.67 to $35 an not. —Mary Baker Eddy changed Consider the case of Great bullfight. ounce? Men will find that they can prepare with mutual aid * far more easily what they need, and avoid far more easily the perils which beset them onall sides, by united forces. —Spinoza A ARR “+ SNe fidence, and I think it did so in ’s Praw Gop Diecer tt Haley "= LAWRENCE CONTINUES SENATE TESTIMONY GOLD TRADING ACT Britain. When she went back on the gold standard, there had _ One of the crowd with which I had become acquainted a premium of more than 10 per One evening after . had returned, I was dining with him out at the Exposition, and he told me of this proposed y been a decline in the price of was a young chap by the name of Juan Valenzuelos. He gold in terms of sterling up to had been educated in the United States, and was at that the time that sterling was actuwholesale house ally returned to pre-1914 basis, time acting as agent for an American But in the very month before which handled hardware, chemicals and paints. He had that occurred gold was selling at his own depot, and distributed to local stores in Lima. cent in terms of sterling, indicating that the open market valued gold valued than it the legal equivalent more highly in terms of paper money. : When England went back on the gold standard it immediately had an effect on her export amateur show which was being staged. He had been invited to take part in it, but was not inclined to, as he. thought it would be rather a poor show. He evidently had something on his mind that he W prices.It started that depression wanted to talk to me about, but it was not till we were period, for eight of her large industries, which. finally ‘predis posed her to collapse in 1931. I say that here is an experiment which we can try which nearly home that he opened up his heart. It seems that he had not very much respect for the group who were staging the show, and he had an idea of arranging things so as to surprise them. is not going to cost the governThe result of our conference was that we met at his You may recall Warren’s thesis men any money. We are going to . ' the gold that is produced store before going to the arena, and about half past two, —Abraham Lincoln that the depression, the great deexpose pression of 1929 and 1932, was today and that comes into an Juan and I, together with a couple of other young Pedue to the failure of our gold open market and let people as — bid for that and deruvians who were in on the game, secured a special box Today's greatest danger may be a blessing in disguise stocks to multiply as fast as the individuals termine over a period of time demands for gold multiplied, and the one which was right over the entry way by which if we meet it with intelligence and conviction. I think you can make a case what -they think that gold is the bulls were driven into the arena. They had to pass —Roy L. Smith worth. That is not going to hurt The men who succeed best in public life are those who take the risk of standing by their own convictions. —James A. Garfield tending to prove that there has been a lag in the price of gold anybody. Let us get that information bein that 150 years which has had a very detrimental effect on gold fore we decide whether we should go back on a $35 basis or production. For example,. sir, wages have $40 or $50. right underneath us, and’ through a crack in the floor which was about two inches wide, we could see them teadily, as they were only a couple of feet below us. (to be continued) } . .